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STOCKS NEWS UK SMALL-Avocet Mining up as gold output rises
Mon, 27th Apr 2009 11:01
STOCKS NEWS Reuters Results diary
Europe Real-time Equity News
UK Stocks on the move
UK smallcaps
09:31GMT 27April2009-Avocet Mining up as gold output rises
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Avocet Mining's shares rise as much as 17 percent after the gold miner says gold production was up in the fourth quarter, boosted by operational improvements at its North Lanut mine in Indonesia.
Analyst Jonathan Guy of Investec Securities says: 'The North Lanut mine appears to have turned the corner after a difficult year.'
The brokerage upgrades the company's stock to 'buy' and lifts its price target to 91 pence to include valuation of the company's planned acqusition of Norway's Wega and an assumed higher gold price.
To see Avocet's statement please click on
Reuters messaging rm://tresa.sherin.reuters.com@reuters.net
09:26 GMT 27Apr2009-Kalahari up on positive uranium deposit results
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Shares in Kalahari Minerals gain 7.2 percent after Extract Resources , in which Kalahari's uranium unit holds a 38.7 percent interest, announces further positive results from the Rossing South uranium deposit in Namibia.
'These are more extremely impressive intersections for Rossing South and, encouragingly, much better than the average previously reported results at Zone 2,' says Ambrian in a note, retaining its 'buy' recommendation on the stock.
'We are confident that our target of 200Mlb of U3O8 will be identified as a resource at Rossing South,' says the broker.
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:23GMT 27Apr2009-Bodycote falls on more uncertain outlook
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Shares in engineer Bodycote fall 4.3 percent after the company says sales in the first quarter fell 26 percent at constant currency rates and it is now more uncertain as to the level of the demand for the rest of the year.
'Today's announcement indicates a negative shift in the business mix away from higher margin segments, which will impact forecasts,' says FinnCap in a note.
The broker keeps its 'sell' rating, especially in the wake of a strong share price rally over recent weeks as cyclicals have bounced.
For more double click on
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:17GMT 27Apr2009-Intercytex soars after Pfizer-UCL deal
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Shares in skin regeneration specialist Intercytex rise 44 percent, continuing last week's rally, after drug giant Pfizer strikes a deal with University College London to develop stem cell treatments for eye conditions, an area in which Intercytex has assets.
'It underlines the potential of the technology ... people might be thinking if Pfizer is looking at this then maybe some other company may want to buy the Intercytex assets,' says analyst Jacob Plieth at Edison Investment Research.
To see the Pfizer statement click on.
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
08:56GMT 27Apr2009-JJB up ahead of key creditor meeting
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Shares in JJB Sports rise as much as 21 percent on talk that the troubled sportswear retailer will secure creditor backing for a new rent agreement with its landlords.
At a meeting later on Monday, JJB needs three quarters of its creditors to back a company voluntary agreement (CVA) that will help secure its future by cancelling leases on 140 of its closed stores and moving to monthly rent for a year on shops still operating.
'Recent share price moves would suggest growing confidence in the market that JJB will gain the 75 percent support it needs,' says Altium analyst David Stoddart. 'The proposal for the trading units is far from unreasonable in current circumstances ... signs seem to point in the direction of a successful outcome for JJB.'
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
08:49GMT 27Apr2009-Fish shares up, pork down on swine flu
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Shares in Marine Harvest Group, the world's biggest fish farmer, rise more than 10 percent with traders speculating swine flu could lift salmon prices as witnessed during previous outbrakes of bird flu and cow disease.
Smaller salmon farmer and fish feed supplier Austevoll Seafood jumps 14 percent. In Spain, frozen fish company Pescanova is up 4.5 percent, while sausage casings company Viscofan is down 9.5 percent. British sausage skin maker Devro falls 4.6 percent and pork supplier Cranswick falls 4.7 percent.
'Historically, the effects have been temporary, but right then and there the effect can be substantial (on prices)', says fish farming analyst Dag Sletmo at ABG Sundal Collier.
'Consumers can become nervous, and substitute swine with other sources of protein,' Sletmo says, adding supply of swine would not be affected unless there were import restrictions or slaughter of infected animals.
Reuters messaging rm://richard.solem.reuters.com@reuters.net
08:30GMT 27Apr2009-Segro down, Arbuthnot cuts forecasts
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Shares in Segro fall as much as 6 percent as broker Arbuthnot cuts its 2009 profit forecast for the property company, saying the value of the group's portfolio will likely fall further and that it will struggle to build out its pipeline of developments.
The company, which also had its rating cut to 'neutral' from 'buy' by UBS on Wednesday, saw its pretax profit forecast slashed by 30 percent to 96.6 million pounds by Arbuthnot.
'We expect the performance of industrials to lag that of the other sectors on the grounds that, for example, retailers will reduce the number of units they wish to occupy,' says analyst Nan Rogers.
'Another is that industrial properties are particularly affected by the change in the rules to 'empty rates' which came into effect last year.'
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Europe Real-time Equity News
UK Stocks on the move
UK smallcaps
09:31GMT 27April2009-Avocet Mining up as gold output rises
----------------------------------------------------------
Avocet Mining's shares rise as much as 17 percent after the gold miner says gold production was up in the fourth quarter, boosted by operational improvements at its North Lanut mine in Indonesia.
Analyst Jonathan Guy of Investec Securities says: 'The North Lanut mine appears to have turned the corner after a difficult year.'
The brokerage upgrades the company's stock to 'buy' and lifts its price target to 91 pence to include valuation of the company's planned acqusition of Norway's Wega and an assumed higher gold price.
To see Avocet's statement please click on
Reuters messaging rm://tresa.sherin.reuters.com@reuters.net
09:26 GMT 27Apr2009-Kalahari up on positive uranium deposit results
-------------------------------------------------------------------
Shares in Kalahari Minerals gain 7.2 percent after Extract Resources , in which Kalahari's uranium unit holds a 38.7 percent interest, announces further positive results from the Rossing South uranium deposit in Namibia.
'These are more extremely impressive intersections for Rossing South and, encouragingly, much better than the average previously reported results at Zone 2,' says Ambrian in a note, retaining its 'buy' recommendation on the stock.
'We are confident that our target of 200Mlb of U3O8 will be identified as a resource at Rossing South,' says the broker.
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:23GMT 27Apr2009-Bodycote falls on more uncertain outlook
-----------------------------------------------------------
Shares in engineer Bodycote fall 4.3 percent after the company says sales in the first quarter fell 26 percent at constant currency rates and it is now more uncertain as to the level of the demand for the rest of the year.
'Today's announcement indicates a negative shift in the business mix away from higher margin segments, which will impact forecasts,' says FinnCap in a note.
The broker keeps its 'sell' rating, especially in the wake of a strong share price rally over recent weeks as cyclicals have bounced.
For more double click on
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:17GMT 27Apr2009-Intercytex soars after Pfizer-UCL deal
---------------------------------------------------------
Shares in skin regeneration specialist Intercytex rise 44 percent, continuing last week's rally, after drug giant Pfizer strikes a deal with University College London to develop stem cell treatments for eye conditions, an area in which Intercytex has assets.
'It underlines the potential of the technology ... people might be thinking if Pfizer is looking at this then maybe some other company may want to buy the Intercytex assets,' says analyst Jacob Plieth at Edison Investment Research.
To see the Pfizer statement click on.
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
08:56GMT 27Apr2009-JJB up ahead of key creditor meeting
-------------------------------------------------------
Shares in JJB Sports rise as much as 21 percent on talk that the troubled sportswear retailer will secure creditor backing for a new rent agreement with its landlords.
At a meeting later on Monday, JJB needs three quarters of its creditors to back a company voluntary agreement (CVA) that will help secure its future by cancelling leases on 140 of its closed stores and moving to monthly rent for a year on shops still operating.
'Recent share price moves would suggest growing confidence in the market that JJB will gain the 75 percent support it needs,' says Altium analyst David Stoddart. 'The proposal for the trading units is far from unreasonable in current circumstances ... signs seem to point in the direction of a successful outcome for JJB.'
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
08:49GMT 27Apr2009-Fish shares up, pork down on swine flu
---------------------------------------------------------
Shares in Marine Harvest Group, the world's biggest fish farmer, rise more than 10 percent with traders speculating swine flu could lift salmon prices as witnessed during previous outbrakes of bird flu and cow disease.
Smaller salmon farmer and fish feed supplier Austevoll Seafood jumps 14 percent. In Spain, frozen fish company Pescanova is up 4.5 percent, while sausage casings company Viscofan is down 9.5 percent. British sausage skin maker Devro falls 4.6 percent and pork supplier Cranswick falls 4.7 percent.
'Historically, the effects have been temporary, but right then and there the effect can be substantial (on prices)', says fish farming analyst Dag Sletmo at ABG Sundal Collier.
'Consumers can become nervous, and substitute swine with other sources of protein,' Sletmo says, adding supply of swine would not be affected unless there were import restrictions or slaughter of infected animals.
Reuters messaging rm://richard.solem.reuters.com@reuters.net
08:30GMT 27Apr2009-Segro down, Arbuthnot cuts forecasts
-------------------------------------------------------
Shares in Segro fall as much as 6 percent as broker Arbuthnot cuts its 2009 profit forecast for the property company, saying the value of the group's portfolio will likely fall further and that it will struggle to build out its pipeline of developments.
The company, which also had its rating cut to 'neutral' from 'buy' by UBS on Wednesday, saw its pretax profit forecast slashed by 30 percent to 96.6 million pounds by Arbuthnot.
'We expect the performance of industrials to lag that of the other sectors on the grounds that, for example, retailers will reduce the number of units they wish to occupy,' says analyst Nan Rogers.
'Another is that industrial properties are particularly affected by the change in the rules to 'empty rates' which came into effect last year.'
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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